Prompt Return Of SBA Loan Application Speeds Disaster Assistance For Oregonians
Release Date: January 8, 2008
Release Number: 1733-045
» More Information on Oregon Severe Storms, Flooding, Landslides, and Mudslides
SALEM, Ore. -- State and federal disaster officials today advised Oregon disaster applicants seeking financial assistance for damages and losses from the severe storms, flooding, landslides and mudslides Dec. 1 to Dec. 17, that filling out and returning a U. S. Small Business Administration (SBA) loan application is a required step in obtaining some forms of disaster assistance. It is important that those who receive an SBA application fill it out and return it as quickly as possible, even if they do not want a loan or think they may not qualify.
Homeowners and renters who receive an SBA loan application after registering for disaster assistance with FEMA should complete the disaster loan application and return it as soon as possible. Those applicants who apply and do not qualify for a loan may be referred to other programs, but applicants must still complete the SBA loan application before they can be considered for certain grants and other programs.
Oregonians affected by the disaster do not have to wait for their insurance settlement before applying for an SBA loan. The SBA is the primary source of federal funds for long-term disaster recovery. The low-interest loans are not just for small businesses. In fact, the majority of SBA disaster loans are made to homeowners and renters.
SBA loan amounts are based on the actual cost of repairing or rebuilding a damaged home and replacing personal property, minus any insurance reimbursements for the same location.
State Coordinating Officer Abby Kershaw said, "Longer-term assistance keyed to information derived from SBA loan applications include eligibility grant programs that help meet serious disaster-related needs, expenses not covered by insurance, and funding for mitigation measures designed to reduce the risk of damage caused by future disasters. "
Those who apply with SBA and do not qualify for a loan may be referred to other programs. Filling out an SBA application does not guarantee that an applicant will be approved for a loan, nor does it mean that they must accept the loan.
Federal Coordinating Officer Glen R. Sachtleben said, "If the SBA form is not returned, applicants might not qualify for other disaster recovery assistance programs."
SBA customer service representatives are available at all FEMA Disaster Recovery Centers (DRCs) and SBA Disaster Loan Outreach Centers (DLOC) to issue loan applications, answer questions about SBA’s disaster loan programs, and help each individual complete their application face-to-face.
It is important for Oregon residents to know disaster loans from the SBA are not just for small businesses. Homeowners may also qualify for low-interest loans to help rebuild or repair their homes and replace personal property. Renters may qualify for loans to repair or replace personal property.
For current center locations, information about how to complete the loan application, or for more information on SBA assistance, call the SBA at 1-800-659-2955, log on to www.sba.gov/disaster_recov/index.html or visit a DRC or DLOC.
FEMA will process applications for housing assistance regardless of whether the applicant has applied for an SBA loan and eligibility determinations for applicants requesting FEMA’s temporary housing assistance will not be held up because the applicant has or has not filled out an SBA application.
Everyone in a disaster declared county, who suffered damages or property losses, is encouraged to register for recovery assistance first with FEMA by calling 1- 800-621-3362 (FEMA), or TTY 1-800-462-7585 for the speech or hearing impaired or if they have access to the internet may apply on-line at www.fema.gov.
FEMA manages federal response and recovery efforts following any national incident, initiates mitigation activities and manages the National Flood Insurance Program. FEMA works closely with State and local emergency managers, law enforcement personnel, firefighters, and other first responders. FEMA became part of the U.S. Department of Homeland Security on March 1, 2003.
Last Modified: Tuesday, 08-Jan-2008 14:32:06